UPDATE: 7/2/2020: The House of Representatives has also passed this legislation. It now heads to President Trump's desk for signature.
Just a few hours before the application window on the Paycheck Protection Program (PPP) was set to expire last night, the U.S. Senate unanimously voted to extend it by 5 weeks. If passed by the House and signed by President Trump, the application deadline for the PPP would extend to August 8, 2020.
Both chambers of Congress are expected to adjourn by the end of this week for a two-week recess, so a vote in the House should come quickly.
The PPP was created in March and has disbursed more than $500 billion in loans that can be forgiven provided they meet certain criteria. More than $130 billion in PPP money is left unallocated.
Please stay with us as we monitor this changing situation, particularly if you’re considering applying for PPP funds.